American Electric Automobile Company, Inc. Withdraws From China

MARKHAM, Ontario--(AutomotiveWire)--Feb. 15, 2001--American
Electric Automobile Company, Inc. (OTCBB:AEAC) announces that the
Board of Directors has decided to withdraw from participation in a
joint venture to produce hybrid electric automobiles in China due to
inherent risks in business conditions in China and the difficulty of
monitoring the activity.

"The decision was taken after careful consideration," said Pierre
Quilliam, President and CEO. "We plan to allocate our resources where
they will be most effective in achieving our business objectives."

The Company sold its interest in American Electric Automobile
Company (Asia) Inc., being 45% of the issued and outstanding shares,
to Edward F. Myers, the former Chairman of the company. Mr. Myers is
currently on the Board and President of the company's wholly owned
subsidiary, California Electric Automobile Company, Inc.

About American Electric Automobile Co....

The American Electric Automobile Company (A.E.A.C) incorporated in
Delaware and operating in California has been successfully converting
automobiles to electric power since 1996. The company also
remanufactures conventional gas-powered cars into hybrid electric
vehicles. Among the remanufactured products are popular vehicles
converted to electric power including the Volkswagon Cabriolet, the
Ford Escort, and the Ford Ranger pick-up truck. These are designed
with a hybrid-electric option in the form of a small on-board,
gasoline-powered generator that can recharge the batteries. A.E.A.C.
uses DC technology standard components which helps bring vehicles to
market at a lower price than much of its competition which uses AC
technology. The company's mission is to provide environmentally
sensitive, high quality, cost-effective auto transportation through
domestic production and cooperative opportunities with global
partners.

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